All entities which are involved in the Import and Export of goods are required to get registered under the Import Export Code. IE code has lifetime validity, which is subject to annual KYC. IEC Number is the same as the PAN of the firm. Importers are not allowed to trade without this code and exporters can’t take benefit of exports from DGFT, customs, and Export Promotion Council, without this code.
An Import-Export Code is issued by The Director-General of Foreign Trade (DGFT). The DGFT works in collaboration with the Ministry of Commerce and Industry (MCA).
NATURE OF THE FIRM OBTAINING AN IEC:
The nature of the firm can be any of the following:
- Proprietorship Firm
- Limited Liability Partnership (LLP)
- Company
- Partnership Firm
- Trust
- Hindu Undivided Family (HUF)
- Society
Benefits of the Import Export Code (IEC) Registration:
- Individual person: An individual person or a company who wants to do international business can also obtain IE Code.
- No Renewals: IEC Code issued by the DGFT is for a lifetime, so we do not have to renew it every year.
- Easy Annual Compliance: The IEC Code holder has to ensure that details in the IEC are updated electronically every year during April- June period.
- Government Benefits: The Government of India promotes export activities in India, through IEC Code Registration, we can avail all the benefits of export schemes from DGFT, Customs, and Export Promotion Council.
- International Exposure: The IEC Code helps to grow businesses from the local market to the international market.
Merits of IEC Code:
- Online registration
- International Exposure
- No need to file periodical returns
- Lifetime validity
- Easy compliance requirements.
- Helps in the expansion of business.
Documents Required For Registration of Import Export Code (IEC)
The following documents are required for registration of import export code:
- Copy of Pan Card
- Canceled Cheque
- Digital Signature Certificate (DSC)
- Incorporation Certificate
- Copy of Aadhar card, passport, or voter id
- Copy of current bank account
- Copy of Electricity Bill or Rent Agreement or Sale deed of the premise.
Procedure For IE Registration:
An application has to be submitted online at the website of DGFT http://dgft.gov.in along with the required documents and fees.
❖ First of all, the applicant has to prepare an application form in the prescribed format i.e. Aayaat Niryaat form 2A format, and filed it in the DGFT Regional office.
❖ Second step, the applicant has to prepare all the required documents related to the applicant’s identity & address proof and legal entity proof with the bank details & certificate in respect of ANF2A.
❖ Once the application has been completed, the applicant can file with the DGFT and pay the appropriate fee or cost of the IEC Registration.
❖ Once the application has been approved, the applicant will get the IEC Code in a soft copy from the government department.
IEC can be obtained from the Zonal and Regional offices of the Director General of Foreign Trade depending on the region where the individual/company is located.
How Can I Print My IEC Certificate?
Below mentioned are the process for printing an IEC certificate:
- Go to the DGFT website.
- Click on the ‘Services’ tab on the homepage.
- Select the ‘IEC Profile Management’ option from the drop-down list.
- A new page will appear. Click on the ‘Print IEC’ option.
- Verify your details and click on the ‘Print IEC’ button.
Important Points:
- The first and foremost thing which everyone requires to start an Export Import business is the Import Export Code (IEC).
- It is the same as PAN. However, it is mandatory to apply for IEC and register with DGFT.
- The IEC Certificate is issued by the Directorate General of Foreign Trade (DGFT) which comes under the Ministry of Commerce and Industry.
If you still facing any problems regarding IEC Registration, then you can connect to our expert team at info@compliancecalendar.in or call 9988424211.
